Saudi Basic Industries Corp. signs 3 investment deals with global partners

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The three MOUs signed by SABIC with international partners at the third annual Future Investment Initiative (FII) in Riyadh on Thursday could could generate nearly SR495 million ($132 million) for the Saudi economy. (Supplied)
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The three MOUs signed by SABIC with international partners at the third annual Future Investment Initiative (FII) in Riyadh on Thursday could could generate nearly SR495 million ($132 million) for the Saudi economy. (Supplied)
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The three MOUs signed by SABIC with international partners at the third annual Future Investment Initiative (FII) in Riyadh on Thursday could could generate nearly SR495 million ($132 million) for the Saudi economy. (Supplied)
Updated 01 November 2019
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Saudi Basic Industries Corp. signs 3 investment deals with global partners

RIYADH: Saudi Basic Industries Corp. (SABIC) leaders signed three memorandums of understanding with international partners through the company’s national initiative, Nusaned, at the third annual Future Investment Initiative (FII) in Riyadh.

The foundations for the agreements were laid through SABIC’s Local Content and Business Development Unit, and could generate nearly SR495 million ($132 million) for the Saudi economy.

The MoUs cover projects and companies leveraging SABIC’s products and solutions, ranging from construction to water infrastructure, energy and industrial machinery. The MoUs include agreements with Taqnia Energy for energy-related industries and services, Baker Hughes to carry out projects in water treatment and chemical products needed in oil production, and Aurora Motors and Al-Khorayef Group to support localizing high-efficiency electric motors.

Fuad Mosa, vice president of SABIC’s local content and business development unit, said: “For more than 40 years, SABIC has been a key contributor to Saudi Arabia’s economic growth. Today, we are demonstrating once again that we will continue contributing to the Kingdom’s economy and promote job growth. We remain committed to work toward the ambitious goals of Saudi Vision 2030, as well as our own 2025 strategy.”

He added: “These initiatives reflect our growing emphasis on attracting international investments to the Kingdom for the benefit of citizens. Nusaned is bearing fruit as we continue to coordinate the initiative by providing logistical support, products and solutions, as well as technical support to companies that do business here in Saudi Arabia.”

SABIC is a strategic partner of FII, hosted under the leadership of Crown Prince Mohammed bin Salman. The event gathers innovators, investors and global leaders across a range of sectors to shape the future of global investment.


Mawani, Qatar Ports ink cooperation deal to boost regional maritime trade 

Updated 16 sec ago
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Mawani, Qatar Ports ink cooperation deal to boost regional maritime trade 

RIYADH: The Saudi Ports Authority, or Mawani, and Qatar Ports Management Co. signed a memorandum of understanding aimed at boosting maritime and logistics cooperation, contributing to the development of the ports sector, raising operational efficiency, and supporting regional and international trade flows. 

The MoU was signed by Mawani President Suliman Al-Mazroua and Qatar Ports Management Co. CEO Abdullah Mohammed Al-Khanji, in the presence of Qatari Ambassador to Saudi Arabia Bandar bin Mohammed Al-Attiyah. 

The step reflects both sides’ commitment to building effective partnerships, exchanging expertise, establishing an organized framework for cooperation management, and developing joint investment opportunities in line with Saudi Vision 2030 and Qatar National Vision 2030. 

The MoU outlines eight key areas of cooperation, including the exchange of best practices in port management and operations, and studying opportunities for direct maritime and land connectivity between the two countries’ ports to enhance trade efficiency. 

It also includes collaboration in logistics services, exploring the establishment of joint maritime corridors serving bilateral and regional trade, and assessing the feasibility of creating shared regional distribution centers. 

Both parties agreed to enhance cooperation in digital transformation and artificial intelligence, focusing on smart systems, data governance, and a unified maritime window to improve operational efficiency and remain at the forefront of technological progress in the maritime sector. 

The MoU emphasizes maritime safety and environmental protection, including the exchange of expertise on marine pollution control and emergency response, the development of joint maritime emergency plans, and the establishment of a bilateral emergency communication line.  

It also promotes collaboration to ensure compliance with international conventions, conduct joint exercises, and implement risk-monitoring systems. 

Cooperation further extends to human capital development through joint training programs and on-the-ground expertise exchanges, as well as academic and research partnerships in maritime transport and logistics. 

Regarding joint investment, both parties will explore local and international opportunities in ports and related services, coordinating with the private sector to support these initiatives. 

The MoU also includes cooperation in cruise tourism through enhanced maritime connectivity and joint promotion of Gulf cruise routes, as well as coordination of positions in international maritime organizations and support for joint initiatives, notably “Green Ports” and “Safe Sea Corridors.” 

This memorandum reflects the commitment of Mawani and Qatar Ports Management Co. to advancing the ports sector and boosting its role as a key driver of trade and economic growth, contributing to Gulf integration, and enhancing regional competitiveness in maritime services.